- Hyphens Pharma (SGX:1J5)'s FY25 revenue/adjusted PATMIs were within expectations at 99%/97% of our FY25e forecast.
- 2H25 PATMI rebounded 27% y-o-y to S$5.94mil from discontinuation of low margin products and tighter cost controls. Headline earnings declined due to FX translation losses and extraordinary provisions in inventory and debtors.
- - Read this at SGinvestors.io -
- Vietnam is refreshed, with greater emphasis on better-margin products.
The Positive
Boost in gross margins.
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The Negative
More provisions in 2H25.
- There were several provisions in 2H25, including S$1mil inventory write-off (2H24: S$0.6mil), S$0.6mil impairment of other receivable from loan to Vietnam Hypermart, and S$0.8mil FX translation loss (2H24: S$0.5mil gain). The provisions were largely related to Vietnam operations.
Outlook
- Read more at SGinvestors.io.
